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Consumer Surplus
The difference between the total amount consumers are willing and able to pay for a good or service and the total amount they actually pay.
Willingness to Pay
The maximum amount an individual or entity is willing to pay for a good or service, reflecting its perceived value.
Marginal Utility
The additional satisfaction or benefit gained from consuming one more unit of a good or service.
Consumer Surplus
The difference between what consumers are willing to pay for a good or service and what they actually pay, representing their gained benefit.
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